Marian Leitner-Waldman (she/her)

Thanks Chinenye. I couldn't agree with you more. However while we work on this, we also have to be mindful of the fact that bias isn't just the problem in this data rather a combination of poor economy and bias. Of all these regions mentioned, Africa is the least performing market. therefore Davidson, naturally you would expect investors to do less there. They are not charity organisations but a venture set up for outsized returns.Therefore the major issue we should be discussing is, which sectors are receiving this funding in Africa? Are the investments coming to sectors that will lift the other sectors up fundamentally or to sectors that will window dress the issues? or Worst still the ones that will reap-off on the people and distort rather than disrupt the system. (eg Nigeria POS fintech and the real banking system. a discussion for another day). Until strong investments are made in the technology sectors powering manufacturing strong job growth in Africa be it REAL B2B eCommerce not repeating what is already being done, or B2C eCommerce that is truly efficient and cost effective. Equally important is the improvement in the purchasing power of the consumers via credit card system. in as much as Sub-Sahara Africa lacks good credit system that captures the average citizens and residents, B2C will continue to struggle. in as much as our logistics investments are predominantly in the last mile delivery rather than efficient crosborder logistics, both B2B abd B2C eCommerce will struggle to scale efficiently and profitability. So, it's time for the investors to do away with the low hanging fruits and start tackling the real issues that will empower and propel Africa economies. That's where the main bias lies.

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RE: A Market-Focused U.S.-Africa Policy | Disruption with a Purpose. Disruption without strategy is just chaos. Disruption with a plan is opportunity, a chance to make things better. At Small Farm Cities Africa, we build stuff. Block and mortar, tech-enabled platforms that produce world-class, competitive products and services. And while we do not have everything figured out (not by a long shot!), HOWEVER, we are boots on the ground in Africa figuring out every day how to work AS A TEAM, effectively, collaboratively, with the 90% of Africa's working-class families, entrepreneurs systematically trapped in the informal, un-bankable economy, with incomes around $1.50 per day, with severely compromised currencies and limited options for financing and growing and competing. So we are building an alternative development model, built on property rights, profitability, and empowerment. I'm an unlikely Africa investor/developer/operator. Former Capitol Hill leadership staffer, campaign manager, K Street lobbyist. Since 2008, I've been 100% vested in Africa. Full immersion. Failures and success. Amazing mentors (Issa S. Baluch), amazing teams (DP World), and a chance to experience just a taste of the struggles and obstacles confronting the African entrepreneur, the working-class family trapped in the "last mile" of the global economy. We all know change is needed. We all know the status quo of how the world works with Africa, and how Africa works with the world, needs to get better. We know that in just 75 years, 1 out of 3 people on the planet will be African. Nobody has all the answers. But then maybe it is less about smart people answering theoretical questions and more about nurturing an ethos of love, respect, problem-solving, property rights, healthy relationships, perspectives, and then leveraging our collective skills, networks, capabilities, and yes, money, to build value TOGETHER. Capitalism works, but the tools need to be accessible to everyone, especially those isolated and trapped. Washington DC in 2025 will be a scene of policy disruption. For this reason, we are looking for collaborators with cross-cutting, multi-sectoral challenges in Africa that need solutions that we might be able to help solve. I would have nothing to offer clients and partners in Africa, or anywhere working with Africa, if not for the amazing team I'm blessed to work with at Small Farm Cities in Malawi, starting with my co-founder W. Leif Van Grinsven, and extending to our trusted Malawi leadership team of Asawitswani H. Chalamanda, Mpho Laisi, Sarah Msambira, Jonathan Phwitiko, Eliness Banda, Isaac Kachala, Michael Walmer, Innocent Katanga, Will Feza, elcah mwakatika, Happy Ngwambi, Sarah kafanikhale, Josh Matonga, Martin Nkhoma, Tionge Thamangira, and the best team of interns and professional staff in Malawi.

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Great write-up by Kola A. from Ventures Platform Fund I couldn't agree more with Kola's points. My top 3 takeaways are: - Africa demands a patient investment approach, distinct from other continents, due to its underdeveloped infrastructure and opaque markets. - We must move away from a story of charity as the future of African venture capital hinges on demonstrating that it can generate substantial returns. -The journey requires patience and a long-term perspective, but the rewards are substantial for those who dare to invest in Africa’s future. Check out the full article here: https://lnkd.in/dn9wQFqj What's your biggest takeaway from the article? Let's discuss it! #Africa #Tech #Startup #Investment #Innovation #EmergingMarkets 

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Sometimes I'm reminded of the paradoxical exuberance/foolishness of my own youth. Every day I meet amazing founders. Yo-Yo Ma level geniuses that are budding masters of their crafts and vectors, early in their careers, and intensely brilliant. The top products of the labs at Harvard, MIT, Stanford, amongst other amazing institutions. They span upbringings, backgrounds, socioeconomic class, whathaveyou - doesn't matter. They're legit, and they're smarter than all of us. One or two of them will be a Tesla/Turing. Take my word for it. It's a pleasant byproduct of my job. Not the point. What I want to focus on is how in almost every conversation one of these folks says something that renders them a complete buffoon. Usually the baseheadedness is rooted in an Icarus Complex or can just be chalked up to being young, bold, and inexperienced (ironically the same qualities that can lead them to later build a decacorn). It's like listening to an LLM with an incomplete data set, hallucinating in real time. The only variation in these instances is how doggedly said youngin' sticks to their proverbial guns and digs in on a position of high moronitude. I've been there. I don't think I've ever told any one this story outside of Rob May having actually been there, sitting next to me. Not sure if he remembers. I was at a NextView Ventures dinner hosted at Trade in Boston. It was some startup event. Lots of very smart people. I was 27, and the CEO of my first vc-backed startup. The company had some heavy math roots - algorithmic rostering and optimization software, which I wrote the initial schema for. Anyway, I was sitting next to an older gentleman and (slightly) buzzed on wine, I mathsplained to him about how our statistics worked. Generally. A diatribe on normal curves. I think I said something along the lines of "should I explain normal curves to you?" It was painful, I'm sure. He listened politely. We both then returned to our dinners. It was only afterwards that Rob told me who that man was. It was Stephen Wolfram. I explained statistics and normal curves to Stephen Wolfram. I'm not sure what else to say here. Epic. I am the clown. The clown is me. There's no parable here. I just find it funny. If anything, it's that we all get ahead of our skis a bit - and probably more often when we're young or inexperienced. I certainly did. But I guess the ultimate takeaway for me is this: don't try to explain statistics or math to Stephen Wolfram.

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Can capitalism save the world? The AMES Foundation that, I am committed to as a Guardian, thinks YES! AMES stands for “Africa’s Most Endangered Species” and was founded in 2020 by a handful of entrepreneurs. By now, more than 200 entrepreneurs are involved with AMES – both financially and through their active support. We are all united in one goal: to make conservation and animal welfare scalable and thereby make a valuable contribution to the preservation (and recovery) of wildlife.   Since 1970, we have lost more than 2/3 of all species worldwide. The greatest enemy of biodiversity is the loss of natural habitat. By 2030, 30% of the global habitat shall be protected – to this end, we will need more than $700bn per year. Donations and states alone won’t be able to achieve this. We need to leverage the power of markets, of capitalism, to attract financing. Nature conservation must financially pay dividends.   The renowned agency HeimatTBWA now supports AMES as part of a pro bono project and has developed the “Capitalism for biodiversity” campaign, which will be on display all across Germany from 22 June.   This is how you can support AMES and Dr. Marlon Braumann: Become an AMES Guardian: Be part of a strong community entrepreneurs: [email protected]   Get informed about investment opportunities that protect natural habitat: https://lnkd.in/eisCpsZb #amesfoundation #biodiversity

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Congratulations Frank and everyone at African Venture Philanthropy Alliance (AVPA) for an incredible conference delivery. Stoked about the launch of Africa Social Impact Exchange (ASIEx) implemented by AVPA in partnership with Prosper Africa and Children's Investment Fund Foundation (CIFF). Historically, investors in Africa have faced challenges in finding investible enterprises and entrepreneurs. These challenges include a lack of formal networks and professional associations for sustainable social enterprises. We now see these challenges being addressed head on and everyone in the ecosystem has an important role to play. The Anzisha Prize has long been developing a network of high potential young entrepreneurs operating startups and SMEs across the continent and creating jobs and economic advancement. Ripe for funding. With Young Entrepreneur Fund (YEF) we put money into to “too-early phase” to help SME’s and Startups through de-risking and technical assistance in some cases. Intelligent partnerships and collaborative efforts will grt Africa all the way there. More to come. #impactinvestments #catalyticcapital #startupecosystem #africanstartups #developmentfinancing #2024AVPAConference #CatalyseAfrica #venturecapital #privateequity

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Even in a challenging fundraising environment, it is incredible to see the traction achieved by some African funds, with a few closing billion-dollar funds. It is also interesting to note the increased participation by local African institutional investors. For instance, some of the investors in Adenia Fund V include pension funds from Kenya and Ghana. You can read about the top 5 private equity fund closures in this article by African Private Equity News. https://lnkd.in/dtmAVkWU

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As we give up 2024, instead of doing more of the same and staying on a path that reserves the word “innovator” for people of a certain complexion, let’s build 2025 with intention. Irrespective of all other distractions we will hear on the news, we can change the future by making pre-seed investments in 2025 in Black founders in addition to founders from other underrepresented demographic groups. Why is race involved? Because the data shows that there is a color line delineating clearly where brilliance and the boldness to found a high-growth business has been least acknowledged and supported and nearly by an order of magnitude. If you have ever considered angel investing and you agree that the distribution of opportunity represented by the numbers below is intolerable, let’s talk.

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Approximately how much should an early-stage founder budget for getting demand gen off the ground? To: Friends of Noble From: Sophie Buonassisi One question we often get at GTMfund from early-stage founders is around the cost of getting a demand gen program off the ground. Build in-house, contractor, agency... how to approach the build and according realistic benchmark costs. It’s a question packed with trade-offs, from cost to speed to control, and we typically share the nuances of each of these. When Noble launched their video series Phone a Friend, I was so excited to submit this question. Would love to hear any thoughts and advice in the comments for founders around benchmark costs for standing up demand gen. 😇 #marketing #B2B #PhoneAFriend #ThatsNoble #B2BMarketing

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M-PESA is legendary for its monopoly over money transfers in Kenya. And for years, upstarts and aspiring competitors have plotted to break that monopoly. That's a pretty big ambition. One that many veterans consider futile. M-PESA has 99% market share and last year facilitated transactions totaling an equivalent ~$240 billion. Yet, M-PESA doesn't have a monopoly over lending and other financial services, which leaves a lot of room for other companies to build on top of the M-PESA infrastructure. Kenyan fintech expert Kevin Mutiso from Digital Financial Services Association of Kenya and I discussed a more pragmatic suggestion to Kenyan fintechs: Partner with M-PESA or lose.

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Maad has done well in Senegal. Should it expand to other countries? Here's how Jessica Long, Maad's co-founder, views the question: " There are two pieces to that question. First, the distribution part: to what extent is that a core part of our business and to what extent can it be detangled from our other services (bookkeeping, mobile wallet, working capital loans)? That question is secondary for now because we're seeing a ton of distribution growth and we still have more area to cover. Eventually, we will probably start to offer fintech services to retailers who don’t order from us. This will decorrelate some of our growth from the physical infrastructure induced by deliveries. The model is super scalable in Dakar: we can drive to any part of Dakar in less than an hour from our warehouse. We could double our delivery volume tomorrow by leasing more trucks and hiring more drivers - our processes are ready. We are planning to expand soon. That will either be to other parts of Senegal or to a second capital city: Abidjan in Côte d'Ivoire. Our model taking off in Abidjan would show our model’s potential for Francophone Africa as a whole. If we go to Côte d'Ivoire, we have to rebuild both our supplier partnerships and our infrastructure from scratch. If we expand within Senegal, we get to keep all of our supplier networks and our suppliers are interested in expanding nationally. I think there's an interesting question for us: to what extent does going deeper into the Senegalese market unlock better, more lucrative deals and stronger partnerships with our existing suppliers? Should we truly dominate the Senegalese market before setting foot abroad? " Read Jessica's full Realistic Optimist piece here: https://lnkd.in/gZR2jXCT

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We recently led a $9.5M seed round in Zeno, our very first energy transition company in Africa. Michael Spencer and the team are now officially out of stealth sprinting towards their first products - a swappable battery compatible with an electric motorbike of their own design. Their opening market is Kenya, where 3M+ boda boda taxi drivers are eager to find ways to shave costs down. With Zeno's battery subscription model, they'll make 50% in savings compared to owning a petrol counterpart! Going electric will soon become the obvious choice. Kenya is just the start. Over the next quarter century, Africa will be home to the largest share of young people in the world, and is set to double its population to 2.5 billion. Talk about a growth market. Zeno has a particularly special place in our hearts because Harsh Dubey, who hustled his way into Lowercarbon Capital right out of college and became an institution around here, built up so much conviction in this company that he's moved abroad to work on this rocketship full-time. That should tell you something. Congrats again to the team, read more here for the deep dive. #tech #climatetech #energy #mobility #battery #electric #africa #emergingmarkets

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UPDATES: food for thought, despite some exciting innovation trends taking place in #Africa, the continent continues to be in the periphery, whilst others are in the centre. It's worth reading Joseph Stiglitz's (2002) "Globalisation and its discontents" It perfectly articulates the present situation of Africa's development. The impact of neo-liberalism and if one is familiar with the concept of African-Renaissance, it covers the importance of African nations requiring a new development model to achieve innovation and stability. However, the weakness of African-Renaissance is, it continues to advocate for another form of neo-liberalism, based on the principles of modernisation theory of development (which has been discredited since the 1980s). Paul Goncharoff Stefan Demetz Alexandra Tchomte Ibrahim Salifou #Neoliberalism #development #politicaleconomy #globaleconomy #innovation #afcfta #asia #asean #BRICS #freetrade #globalisation #southamerica #latinamerica #caribbean #afrique

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BIG NEWS: After nearly 13 years, we have decided to wind down the regular operations of 50+1 Strategies, effective at the end of this year. Our firm is both more profitable and impactful than ever, but it's time to turn the page. Simply put, Addisu and I crave the spaciousness to take time to reflect and pursue other projects, without the pressure that comes from running a firm of our size. I cannot even begin to express how much 50+1 Strategies has meant to me. For nearly 13 years, it has been my professional home- the vehicle where I have channelled my passions for building campaigns, fighting for causes I believe in, but mostly for nurturing a team that works hard, supports each other, and grows together. I am proud of all of the amazing work we have done for our clients, but I am in awe of the heart and hustle of the beautiful team that made it all happen. Over 250 alumni staff and fellows have come through 50+1 Strategies, and some of them like Andrew, Candice, Jessica and Derek, were leading with us for nearly the entire journey. I will do anything I can to support these dozens and dozens of rock stars moving forward. Throughout our decision-making process this year, I have gone through a million emotions- shock that I was ready for change, grief for what would end, exasperation with the state of electoral politics, tingles of excitement for the freedom and future I started to see. But today, I just feel awash in gratitude. There are so few people who are lucky enough to live their values, maintain autonomy, and make a good living while doing it. I know how fortunate I have been to do this, and to do it all with someone as brilliant, effective and kind as Addisu, who I know will be a co-conspirator in future projects, and my brother for life. For now, I'm going to keep working with a few of our powerhouse national advocacy clients, alongside some of our current staff, on issues like gun violence prevention, reproductive rights and IVF access expansion. Moving forward, I'll have the capacity to go deeper with these organizations, while also pursuing big ideas that excite me, like potentially opening a family-friendly retreat center some day! But I also look forward to a 2025 filled with more rest, world travels, Bay Area hikes, good books, and a whole lot of 2-year old snuggles. This doesn't feel like an ending, but it does feel like a graduation. Thank you all, for the education and the countless opportunities for growth you have given me over the last 13 years. It has been a phenomenal ride.

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First 30 days as an officially recognized CEO and Co-founder. Let’s reflect: The first 30 days as CEO and Co-Founder of The San African have been nothing short of intense, exhilarating, and deeply humbling. This is more than a milestone—it’s a moment that marks the birth of a vision long in the making. Leading The San African isn’t just about building a company; it’s about crafting a new narrative for Africa. A narrative that’s bold, unapologetic, and driven by a belief that Africa’s stories and innovations belong on the global stage. These past weeks have been filled with hard decisions, sleepless nights, and relentless pursuit of a dream. Building something meaningful demands that. But it’s also been a time of incredible collaboration, where like-minded people have come together to set the foundation for a future that will challenge the status quo. Every meeting, every strategy session, every moment spent refining our mission has been rooted in one guiding principle: creating a platform that speaks to Africa’s potential and power. Leadership, I’ve learned, is not about titles. It’s about vision and the ability to inspire people to rally around it. It’s about setting audacious goals and then breaking them down, piece by piece, with grit and determination. The challenges are inevitable, but so is our drive to overcome them. This is just the beginning. The work ahead is massive, but so is the opportunity to make history. To my co-founders Lesego Rathedi and Prince Maduke who have been a part of this first leg of the journey, thank you. Your belief and support mean everything. We’re just getting started—and together, we will redefine what it means to build something truly African, something global, something timeless. Here’s to the next 30 days. And the 30 after that.

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The Bridgespan Group study on How African NGOs Grow was a very interesting read for me this week. Published in June 2024, they analyzed revenue data of 85 local NGOs and interviewed 33 nonprofit leaders of NGOs with budgets above $1m in Nigeria, Kenya, and South Africa. These are fantastic organizations doing great work including BudgIT Nigeria Connected Development [CODE] LEAP Africa AMREF mothers2mothers The Aurum Institute African Leadership Academy Lwala Community Alliance African Wildlife Foundation Adeso FATE Foundation Harambee Youth Employment Accelerator Teach For Nigeria and PLAC NG. The median budget for the large organizations was $5.3m for South African NGOs, $4.5m for Kenyan NGOs, and $2m for Nigerian NGOs. The bottomline? If you want to play with the big boys, bear in mind the following: 1. International funding fuels the growth of African NGOs. Over 90% rely on funding from bilaterals, multilaterals, and foundations. 2. NGOs have adopted tactics specific to accessing international funding. They build relationships, establish US or UK registrations to facilitate fundraising, hire good fundraisers, and establish credibility with funders, thereby moving from sub-grantee to direct grantee. 3. Domestic funding helps NGOs in South Africa much more than in Kenya and Nigeria 4. Flexible funding is relatively scarce but can be catalytic 5. African NGOs often seek to broaden their revenue mix to sustain their growth. Looking to grow your African NGO, reach out to me and my Travaille Ensemble team for a chat, follow my #FundraiseWithAllwell insights every Monday by 9 a.m. in Lagos or 11 a.m. in Nairobi, and subscribe to my Business Insights for NGOs newsletter with new editions every other Wednesday by 12 noon in Lagos or 2 p.m. in Nairobi. #AllwellTalksDevelopment #AllwellBDNuggets #FinancialSustainability #funding #NGO #nonprofit #proposalwriting #Africanphilanthropy #Philanthropy

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I asked ChatGPT, why have Black-founded startups received less than 0.5% of the $140.4 billion in venture funding all U.S.-based startups received last year? In 2021, Black-founded startups received 1.4% of all U.S. venture funding. In 2022, it was 1.1%. “The disparity in venture funding for Black-founded startups is a multifaceted issue that can be attributed to several interconnected factors. Here are some of the primary reasons for this discrepancy: 1. Lack of Representation in Venture Capital Firms Homogeneous Networks: Venture capital (VC) firms often have homogenous networks that lack diversity. Many VCs rely on personal networks for deal flow, which can limit access for Black founders who may not be part of these networks. Implicit Bias: Studies have shown that implicit bias can influence investment decisions. VCs may unconsciously favor founders who look like them or have similar backgrounds, leading to fewer investments in Black-founded startups. 2. Limited Access to Early-Stage Funding Initial Funding Gaps: Black founders often face challenges in securing early-stage funding from friends, family, and angel investors. Without this initial capital, it becomes more difficult to reach the milestones needed to attract larger VC investments. Capital Constraints: Many Black entrepreneurs may not have the same level of personal financial resources to bootstrap their startups, putting them at a disadvantage compared to their peers. 3. Systemic and Institutional Barriers Historical Discrimination: Systemic racism and historical discrimination have long-term impacts on wealth accumulation and access to resources for Black individuals. This, in turn, affects their ability to start and scale businesses. Educational and Resource Disparities: Black founders may have less access to high-quality education, mentorship, and business resources, which can hinder their ability to grow successful startups. 4. Market Perceptions and Stereotypes Stereotypes and Prejudices: There are persistent stereotypes and prejudices that can influence investors' perceptions of Black founders' capabilities and the potential of their businesses. Market Fit Doubts: Investors may doubt the market fit or scalability of products and services offered by Black-founded startups, especially if they are tailored to underserved markets. 5. Insufficient Support and Advocacy Lack of Advocacy: There are fewer advocates and allies within the VC community who actively promote and support Black-founded startups. Mentorship Gaps: Black founders may have less access to mentorship and guidance from experienced entrepreneurs and investors, which is crucial for navigating the startup ecosystem.”

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